MKT 702 Lecture Notes - Lecture 3: Lipton, Taco Bell, Starbucks

• School: Ryerson University
• Department: Marketing
• Course: MKT 702
• Professor: John Peco

Document Summary

Good mission statements: focus on a limited number of goals, stress major policies and values, define major competitive spheres, take a long-term view, short, memorable, meaningful. Core competencies: a source of competitive advantage (distinctive capabilities, applications in a wide variety of markets, difficult to imitate i. e starbucks buying teavana (which has no core competency) therefore sold all teavanas. Integrating value exploration, value creation, and value-delivery activities: driven by the goal of building long-term, mutually satisfying relationships with both customers and key stakeholders. Strategic planning: establish strategic business units (sbus) It is a single business or collection of related businesses. It has a manager responsible for strategic planning and profitability: strategic business units (sbus, may operate like a separate business, with distinct resources, may focus on a product offering or a market segment. A marketing plan is the central instrument for directing and coordinating the marketing effort. Strategic: target marketing decisions, value proposition, analysis of marketing opportunities.